The Boom Of The Fitness Equipment Market
Article submitted: Pratik Kirve
Fitness equipment has always played a major role for helping people reach their fitness goals. However, the innovations and technological advancements have not restricted fitness equipment in gyms or fitness centers only. There has been a surge in demand for home workout equipment following the Covid-19 pandemic and closure of gyms and fitness centers during the lockdown.
Moreover, people have become more health-conscious than before with the need to boost immunity and maintain healthy lifestyle.
Utilizing at-home fitness equipment is one of the major ways people have been trying to keep fit and healthy these days. Technologically-advanced equipment has been making their way into the market and gaining popularity as people can connect these equipment with their smartphone apps and track their performance. Manufacturers, investors, and fitness brands have realized the huge surge in demand in fitness equipment from skipping ropes to bicycles.
To achieve growth in the global or regional market and offer an optimal fitness experience to users, market players have been adopting different strategies such as investments, partnerships and investments. With these strategies, the entire market of fitness equipment is expected to be transformed. The demand for innovative fitness equipment will increase in the coming years. According to the report published by Allied Market Research, the global fitness equipment market is estimated to generate $14.8 billion by 2028.
Following are some of the trends and activities taking place across the globe.
Investments to expand offerings:
Market players adopted different strategies for growing in the fitness equipment industry and investment is one of the major strategies.
GlobalBees, one of the leading e-commerce companies in the world, invested in the fitness equipment player Reach. The workout equipment seller aims to promote exercises at home and rent equipment. The investment comes from the surge in demand for smart and workout equipment following the Covid-19 pandemic.
Nitin Agarwal, the CEO at GlobalBees, highlighted that Reach contains a strong growth trajectory, and established itself as a top-selling fitness brand. The company highlighted that it will work in collaboration with Reach for making fitness more enjoyable, accessible, and convenient than before.
Co-founders of Reach mentioned that the company aims to utilize the expertise of GlobalBees in scaling the brands. The vision of Reach is to offer world-class fitness experience to its customers and innovate their products. GlobalBees investment would help the company in realizing this vision and expand into new regions.
This trend of investments is expected to continue in the coming years.
Partnerships to expand into new categories:
Partnership is another major strategy adopted by companies to expand into different sectors. Offering fitness equipment for people to carry out home workouts is another aim for companies to sign partnership agreement with companies that have expertise in the sector.
Flipkart joined hands with HRX for launching fitness equipment for home workout and fitness regimes. These companies aim to design and develop products that would cater to the needs of fitness enthusiasts. Through this agreement, different types of fitness equipment from HRX will be made available on the Flipkart website and smartphone app.
HRX aims to reach larger audience than before and offer better home experience to fitness enthusiasts. The Covid-19 pandemic also revealed the need and increased awareness regarding healthy lifestyle among consumers of different age groups. Flipkart Directors highlighted that the e-commerce website witnessed a surge in need in this segment and decided to join hands with HRX for making fitness equipment easily available.
Acquisition to increase product portfolio:
Acquisition strategy helps in building a wide product portfolio for companies as they can utilize the expertise and resources of the acquired company. Cultfit, one of the leading fitness brands, acquired three brands that offer at-home cardio equipment. The acquired companies are Fitkit, RPM Fitness, and Onefitplus.
The company highlighted that the acquisition helps in expanding the product portfolio and offer a range of options for fitness enthusiasts. Moreover, the company has been striving to bring innovative products for customers as the at-home fitness equipment industry grows considerably across the world.
The acquired companies can utilize the existing customer base, technical knowledge, capital, and brand to expand its revenue by the next year. Moreover, the rapidly building fitness equipment industry and growing tech-led community in the Indian market can become major factors for the growth of the companies.
Leading fitness brands will continue to adopt this strategy to make their market in the global as well as regional markets.
Author Bio – Pratik Kirve is writer, blogger, and sport enthusiast. He holds a bachelor degree in Electronics and Telecommunication Engineering, and is currently working as a Team Lead – Content Writing at Allied Market Research.
He has avid interest in writing news articles across different verticals. When he is not following updates and trends, he spends his time reading, writing poetry, and playing football.
